Scottish Widows Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether Scottish Widows offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about Scottish Widows and contractor mortgages please complete our enquiry form and we see if we can arrange for an expert to contact you directly.
I am an engineering contractor looking to buy a home in Nottingham. My next step is to secure a mortgage ideally with Scottish Widows. Should I contact Scottish Widows directly or seek the services of a contractor specialist mortgage broker who is used to dealing with contractors and Scottish Widows.
I’m in a bit of an onerous situation in as much as I and my partner are both self-employed (contractors) without any great accounts to show, although things are on the up I hope for this to change shortly. Basically my question for you is how hard would it be to get a 75k contractor mortgage with a lender such as Scottish Widows?
What criteria does a mortgage lender (for example Scottish Widows) adopt to class a borrower as a contractor or self-employed. For instance does one have to own over a particular percentage of a business?
How can I make myself more attractive to a lender such as Scottish Widows when it comes to trying to get a contractor mortgage. I would like to understand the process and requirements to avoid unwelcome surprises.
My research online suggests that mortgage lenders generally view contractors as high risk applicants; so require 3 years’ accounts to validate mortgage affordability. In my case as an IT contractor, this evidence is unlikely to give an accurate picture of my income potential. Will a contractor-focused IFAs persuade lenders such as Scottish Widows to offer funds on the more realistic basis of my contracted rate.
The content set out above covers to properties in England and Wales.
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